Business
VirTra Reports Fourth Quarter and Full Year 2020 Financial Results
Financial Results Highlighted by 15th Consecutive Year of Revenue Growth, Net Income of $1.5 Million, and 161% Increase in Adjusted EBITDA TEMPE, Ariz., March
About this update from Virtra, Inc.
[{"type":"text","content":"Financial Results Highlighted by 15th Consecutive Year of Revenue Growth, Net Income of $1.5 Million, and 161% Increase in Adjusted EBITDA\nTEMPE, Ariz., March 29, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, reported results for the fourth quarter and full year ended December 31, 2020. The financial statements are available on VirTra’s website and here. Fourth Quarter and Full Year 2020 and Recent Highlights: Appointed John Givens, a military simulation business development expert, to the Company’s board of directorsAppointed Marsha J. Foxx as interim vice president chief accounting officer to replace outgoing CFO, Judy Henry; Foxx appointed vice president chief accounting officer in March 2021Net income increased to $1.6 million for the fourth quarter of 2020Adjusted EBITDA for the full year 2020 increased 161% year-over-year to $2.8 millionBacklog increased to a record $14.6 million as of December 31, 2020 Fourth Quarter and Full Year 2020 Financial Highlights: All figures in millions, except per share dataQ4 2020Q4 2019% Δ FY 2020FY 2019% ΔTotal Revenue$6.6 $5.9 11% $19.1 $18.7 2% Gross Profit$4.8 $2.6 80% $11.9 $9.7 23%Gross Margin 72.5% 44.8%62% 62.3% 51.9%20% Net Income/Loss$1.6 $(0.1)N/A $1.5 $(0.1)N/A Diluted EPS$0.21 $(0.01)N/A $0.19 $(0.01)N/A Adjusted EBITDA$2.18 $0.73 199% $2.79 $1.07 161% Management Commentary “In 2020, VirTra’s top notch staff adapted to the new pandemic restrictions and even generated what was, by many metrics, the most successful year in our company’s history,” said Bob Ferris, chairman and chief executive officer of VirTra. “In the fourth quarter, we grew revenues to $6.6 million while we held our costs in check, which allowed us to produce $1.6 million in net income and $2.2 million in adjusted EBITDA. Our determined staff’s ability to convert some of our large backlog into revenue before the year’s end caused our topline revenue to grow for the 15th consecutive year in 2020 – a real accomplishment given the pandemic headwinds. Had it not been for a large one-time impairment on an investment directly impacted by COVID-19, the year 2020 would have been the most profitable year in VirTra’s history, and if we look at our cash flow, it was. “The demand for VirTra’s pr...